Key Support levels: %excerpt%.70 Key Resistance level: %excerpt%.85 The ABC correction appears to be completed after XRP successfully tested the %excerpt%.70 support level earlier this week. Since then, the price has moved higher and is approaching the resistance at %excerpt%.85. XRP may retest the key support again before a sustained breakout can take place. At the time of this post, the current movement in price can be interpreted as a relief rally after a sharp correction since that was taking place since November. Chart by TradingViewTechnical Indicators Trading Volume: The volume on this move higher was good. However, it does appear to fade as price increases, making a rejection at the key resistance likely. RSI: The daily RSI is moving higher in line with price and has also made a higher low.
Topics:
Duo Nine considers the following as important: Ripple (XRP) Price, XRP Analysis, xrpbtc, xrpusd
This could be interesting, too:
Dimitar Dzhondzhorov writes Ripple in the Next Three Years: CEO Outlines Roadmap
Dimitar Dzhondzhorov writes Ripple Price Predictions Amid the Crash: Where’s XRP Headed?
Dimitar Dzhondzhorov writes ChatGPT Analyzes if XRP Can Flip SOL if Ripple Wins Against the US SEC
Jose Oramas writes Here’s Why April Is a Crucial Month for XRP’s Price: Analyst
Key Support levels: $0.70
Key Resistance level: $0.85
The ABC correction appears to be completed after XRP successfully tested the $0.70 support level earlier this week. Since then, the price has moved higher and is approaching the resistance at $0.85. XRP may retest the key support again before a sustained breakout can take place.
At the time of this post, the current movement in price can be interpreted as a relief rally after a sharp correction since that was taking place since November.
Technical Indicators
Trading Volume: The volume on this move higher was good. However, it does appear to fade as price increases, making a rejection at the key resistance likely.
RSI: The daily RSI is moving higher in line with price and has also made a higher low. This is bullish in the long term.
MACD: The daily MACD remains bearish, but the moving averages and histogram are quickly curving back up. If XRP can sustain the rally, then MACD may turn bullish in the next few days.
Bias
The current XRP bias is neutral. Despite the relief rally, the cryptocurrency seems more likely to consolidate between the key levels further before a clean breakout can take place.
Short-Term Prediction for XRP Price
If the rally is sustained, then XRP may test the key resistance at $0.85. However, it is too early to expect a breakout, and it may continue to consolidate under the resistance until sufficient momentum is gathered to break through higher.